But the ambitious plan requires the bank to raise $20 million and the lifting of a regulatory agreement. The bank seeks to pick up retail customers on the Eastern Shore.
Why regulators won’t let a profitable, well-capitalized bank holding company throw its shareholders a bone.
Essex Bank says that it will not pay the U.S. Treasury its dividend for TARP funds this quarter and that it might close branches.
A Richmond-based private equity fund lost more than half its value when a Florida bank hit the skids. But the fund’s managers and at least one investor remain hopeful that other investments will more than recoup those losses.
A local credit union can now more easily expand its customer base.
There is one very important figure that jumps off the pages of New Horizon Bank’s second quarter financial reports.
An 82-year-old credit union reached and surpassed the $2 billion asset threshold during the second quarter and in the process became the third largest credit union in the state.
Bank of Virginia shareholders last week voted in favor of a deal that could bring the struggling bank fresh capital and some new leadership.
More competition for local banks could be on its way from Charlottesville.
Two large out of state banks with a presence in the Richmond market made big announcements this week.